Ever wonder how a millionaire becomes a millionaire? Well, some were born that way — how's that silver spoon taste? Others got lucky. But many got to this 7-figure milestone through hard work and smart money decisions.
If you're seeking out this kind of financial advice then you probably already know how to chase down your dreams. Whether it was buying your first home, getting that big promotion, or maxing our your 401(k), you know what it feels like to set a financial goal and achieve it. Becoming a millionaire is no different from those other goals. You can approach it the same way — just take it step by step and make smart decisions.
To make your path to $1,000,000 a little easier, we're here to share some simple lessons from millionaires who came before you.
Make money while you sleep
Having passive income means you can be making money even when you're sleeping. One potential source of passive income: real estate investing.
Traditionally, investing in real estate was a complicated process requiring huge down payments. But with Diversyfund, you can co-own a portfolio of fully vetted, cash flowing assets in just five minutes. Getting started is easy. You just create your free account, browse available investments, put your money (at least $500) into the projects that seem interesting to you, and then monitor your investments through the Diversyfund dashboard.
Diversyfund is an all in one platform with no middle man and, most importantly, no fees. With real estate beating the stock market by a significant margin for the last 30 years there’s no better time to diversify your investments.
Plan ahead: Leave your family up to $1,500,000 (starting at just $8/month)
If you're young and healthy, you might not be thinking about term life insurance yet, but you should be. Life insurance companies look at a number of factors including your age, health, and weight to determine the rate you'll pay for coverage. Generally, the younger and healthier you are, the lower the rate.
Bestow offers term life insurance policies with up to $1.5 million in coverage starting at just $8/month. You can apply online and get a decision in just five minutes. The best part: you might not even need to take a medical exam.
If you are between 18 and 59 years old, have never had a felony, and are generally in good health, get a free quote today.
Refinance your mortgage while rates are at historic lows
With interest rates at historic lows, it's a fantastic time to refinance. Refinancing your mortgage can not only help you save money, it can also help you build equity in your home faster and lower your monthly payments.
Figure offers one of the fastest and easiest ways to refinance your mortgage, whether you have a 15 or 30-year term. You can lock in a lower rate in just minutes. The application can be completed online — there's no need to leave your home.
Figure also offers the option for a cash-out refinance (up to $500,000!) if you need money now. You could potentially replace your existing mortgage with a new one for an amount greater than what you owe then use the cash difference for home improvements, to pay off high-interest debt, or whatever you need cash for today.
Getting pre-qualified won't affect your credit score. If your credit score is at least 620 (700 for jumbo loans), see how much refinancing could save you now.
Don't overpay when you shop online
Shopping online has its perks. It's super convenient, but it can be time consuming to find the best deals. Instead of hunting for coupon codes (that don't always work!) and opening tons of browser tabs comparing prices, you can try Capital One Shopping.
Capital One Shopping makes saving money effortless. Just add the browser extension and when you check out, they will automatically add the best available coupon code from their extensive database to help you save cash. And before you check out at favorite stores like Amazon, Target, and more, Capital One Shopping will notify you with a friendly pop-up if the item you're buying is available cheaper somewhere else.
Capital One Shopping is free to use and won't show you ads. Add it today and stop overpaying!1
Comparison shop: Save an average of $560/year on car insurance in Virginia
Car insurance can be expensive, so you want to make sure you're not overpaying on your current premium.
With Insure.com, you fill out one simple form, and in minutes, you'll get a selection of personalized quotes. You'll be able to see the best prices from top insurance companies, all in one place, then pick the one that saves you the most for the coverage you want.
On average, drivers save $560/year when they use Insure.com.
Invest in paintings by Basquiat, Picasso, Banksy
The ultra-wealthy have been flipping art for huge profits for decades and now non-millionaires can get in on the action. Masterworks is a platform for investing in blue-chip art, an asset class that’s outperformed the S&P 500 by over 180% between 2000-2018.
Masterworks purchases multi-million-dollar paintings and divides up ownership among its members. Just like stock in a company, you can own fractional shares of artwork. If the painting sells, you make money off the appreciation.
While Masterworks requires a $5,000 account minimum to get started, you can invest as little as $20 in each work.
Skip The Waitlist: Use our link to get exclusive access to bypass the 25,000 person waitlist!
Always negotiate: Trim up to $720 from your bills
Even if you're disciplined about saving, you've probably had months where you looked at your bank balance and wondered where your paycheck went. A budgeting app like Truebill can help you take control of your money — spend intentionally on the things you value and stop throwing money away on unimportant things.
Once you have a complete picture of your finances, it's easy to see ways to save. And Truebill can help make those potential savings a reality. Their expert negotiators can call the cable company and phone company to help lower your bills. They'll also help you cancel unwanted subscriptions and put that money back in your bank account where it belongs.
Truebill has already helped save its members over $50,000,000 on their bills without much time and effort.
Get a free stock valued at up to $200
Robinhood is a great option for both new traders and seasoned investors.
With Robinhood it’s completely free to buy and trade stocks, options, and more. All trading is commission-free with no account minimums or maintenance fees. They’ll even give you a free stock in a company like Apple, Sprint, or Ford.
Sign up using the link below and Robinhood will add 1 free share of stock (valued at $2.50 to $200) to your account when your brokerage application is approved.
Get smarter about money
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